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Need help with noncontrolling interest in the subsidiary ProForm acquired 80 percent of CllpRite on June 30,2020 , for $800,000 in cash. Based on CllpRite's
Need help with noncontrolling interest in the subsidiary
ProForm acquired 80 percent of CllpRite on June 30,2020 , for $800,000 in cash. Based on CllpRite's acquisition-date fair value, an unrecorded intanglble of $680,000 was recognized and is being amortized at the rate of $17,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $200,000 at the acquisition date. The 2021 financlal statements are as follows: (Note: Parentheses Indicate a credit balance.) ProForm sold CllpRite inventory costing $81,000 during the last slx months of 2020 for $210,000. At year-end, 30 percent remained. ProForm sold CilpRite inventory costing $260,000 during 2021 for $370,000. At year-end, 10 percent is left. Determine the consolidated balances for the following accounts: (Input all amounts as positive values.) Sales Cost of Goods Sold Operating Expenses Dividend Income Net Income Attributable to Noncontrolling Interest Inventory Noncontrolling interest in Subsidlary, 12/3/21Step by Step Solution
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